29 May 2018 12:55
29 May 2018
GYG plc
Result of Annual General Meeting
GYG plc (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce that all resolutions as set out in the Notice of Annual General Meeting dated 18 April 2018 were duly passed today by the shareholders of the Company.
Enquiries:
GYG plc Remy Millott, Chief Executive Officer Gloria Fernandez, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Zeus Capital Limited (NOMAD & Broker) Giles Balleny, Dan Bate (Corporate finance) John Goold, Hugh Kingsmill Moore (Broking)
| Tel: +44 (0) 20 3829 5000 |
FTI Consulting (Financial PR) Alex Beagley Fiona Walker Laura Saraby | Tel: +44 (0) 20 3727 1000
|
Notes to Editors:
GYG is the market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company's brands include Pinmar, Rolling Stock, Pinmar Supply, Pinmar USA, Techno Craft and ACA Marine. GYG's operations can be divided into three key sales channels:
· COATING:
- Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding and containment work
- New Build: fairing and painting of new vessels as part of the build process
· SUPPLY: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.
Superyachts require a major survey and service every five years to comply with certain class, maritime laws and insurance requirements. Owners typically undertake an annual haul out and general maintenance to remain ahead of the service intervals and to keep the vessels in optimum condition.
Owners often use the major servicing period as an opportunity for repainting the vessel, providing GYG with a source of repeat business.
GYG.L (GYG)